Michael Barrett Sells 178,596 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI – Get Free Report) CEO Michael Barrett sold 178,596 shares of Magnite stock in a transaction on Monday, June 15th. The shares were sold at an average price of $16.59, for a total value of $2,962,907.64. Following the completion of the sale, the chief executive officer directly owned 403,074 shares of the company’s stock, valued at $6,686,997.66. This trade represents a 30.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Magnite Trading Down 1.7%

MGNI stock traded down $0.31 during midday trading on Wednesday, reaching $18.24. The stock had a trading volume of 6,567,789 shares, compared to its average volume of 2,498,963. The business has a fifty day simple moving average of $13.73 and a two-hundred day simple moving average of $13.91. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The firm has a market cap of $2.61 billion, a price-to-earnings ratio of 17.54, a PEG ratio of 0.79 and a beta of 2.32. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65.

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Magnite (NASDAQ:MGNI – Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The firm had revenue of $164.37 million during the quarter, compared to analyst estimates of $159.24 million. During the same period last year, the company earned $0.12 earnings per share. The company’s revenue was up 5.5% on a year-over-year basis. As a group, research analysts expect that Magnite, Inc. will post 0.6 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have commented on the stock. BTIG Research began coverage on shares of Magnite in a report on Tuesday, June 9th. They set a “buy” rating and a $20.00 target price for the company. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price target on shares of Magnite in a report on Thursday, February 26th. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Evercore reaffirmed an “outperform” rating and set a $21.00 price objective on shares of Magnite in a research report on Thursday, May 7th. Finally, Benchmark reduced their price target on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and a consensus price target of $23.89.

Check Out Our Latest Analysis on MGNI

Hedge Funds Weigh In On Magnite

A number of large investors have recently modified their holdings of the business. Optiver Holding B.V. boosted its stake in shares of Magnite by 2,746.4% during the 1st quarter. Optiver Holding B.V. now owns 5,579 shares of the company’s stock worth $66,000 after buying an additional 5,383 shares during the last quarter. Bank of America Corp DE boosted its position in Magnite by 72.6% during the first quarter. Bank of America Corp DE now owns 1,125,196 shares of the company’s stock valued at $13,367,000 after purchasing an additional 473,243 shares during the last quarter. Amundi boosted its position in Magnite by 74.8% during the first quarter. Amundi now owns 22,817 shares of the company’s stock valued at $271,000 after purchasing an additional 9,764 shares during the last quarter. California State Teachers Retirement System boosted its position in Magnite by 29.3% during the first quarter. California State Teachers Retirement System now owns 176,528 shares of the company’s stock valued at $2,097,000 after purchasing an additional 40,004 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its position in Magnite by 144.3% during the first quarter. Quantinno Capital Management LP now owns 128,133 shares of the company’s stock valued at $1,522,000 after purchasing an additional 75,686 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

About Magnite

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Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).

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